Employee Section 125 Benefits
Flexible Spending Accounts are designed to help employees contain health-care costs while providing a value-added benefit and money-saving vehicle for employees. The program allows participants to choose how much pre-tax money they want to set aside at the beginning of the plan year to help cover the cost of eligible unreimbursed medical (Health-care FSA) and dependent child care expenses (Dependent Care FSA).
An important advantage to FSA’s is that both the employer and employee realize tax savings. A reduction to the employee’s taxable earnings reduces the employer’s match on employee FICA tax.
Our flex plans are administered by reputable third party administrators.
Section 125 Premium Only Plans (POP)
If your employees contribute towards the cost of any benefit, the contributions can be taken on a pre-tax basis if a Section 125 Premium Only Plan is in place. The premium is deducted before the taxes are calculated. The government allows this to help make the insurance more affordable.
As a major advantage for the employer, this plan allows the elimination of the 7.65% of employer matching of social security and medicare taxes. Employers can arrange to implement this plan for a small plan set up fee, which will easily be recouped by realizing the tax savings year after year. JayMar Insurance Agency can arrange for the implementation of the POP plan.
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Request a quote from JayMar Insurance Agency by supplying us with some basic information pertaining to your interests and your contact information. We will respond to you promptly by setting up a meeting for a no cost-no obligation review of your insurance plans.
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